分析师跟进网络会引起上市公司融资决策同群效应吗?——分析师角色视角的一个新解释

Does Analysts’ Following-up Network Cause the HomologousEffect of Corporate Financing Decisions?New Explanationfrom the Perspective of Analyst’s Role

目前,针对分析师跟进网络研究尚为鲜见,尤其是基于公司管理层决策关系视角的分析较少。本文首次探索了分析师跟进网络程度(共同分析师跟进人数)对公司融资决策间关系的影响,发现分析师跟进网络引致的相关融资同群效应的存在,揭示了分析师在公司融资决策间的信息传递作用及其作为同群效应的重要来源。进一步地,相关同群效应来自更多共同分析师跟进的不同产业同群公司的影响,且呈现为一种跟随及学习行为,具有一定的方向性,表明不同产业同群公司融资信息及领军同群公司融资信息在分析师跟进网络中传递的有效性。据此,本文提出相关建议,为分析师行业发展、上市公司融资决策及资本市场主体行为监管提供一定的经验证据及信息。

As the Nobel Prize-winning field of economics in 2017, behavioral finance has attracted more and more attention from academia and practitioners in recent years. As the important part of Chinese emerging capital market, financial analysts play an important role in creating an effective and good information environment for the capital market. On the one hand, fi＇om the perspective of analysts, they have relevant expertise and unique information advantages, especially, the interpretation and dissemination of earnings announcements and information not easily perceived by ordinary investors are the important basis for releasing earnings forecast reports or ratings. At the same time, analysts＇ reputation and development relate to earnings forecast accuracy and ability, which lay a foundation for Star Analysts. On the other hand, from the perspective of investors, the relevant information provided by analysts can provide valuable investment decision-making reference for investors to a certain extent, which is an important work to significantly reduce the information asymmetry between companies and investors. In view of the above analysis, the function and the role development of financial analysts in the capital market,especially in the emerging capital market,is particularly important. To a certain extent,their behavior characteristics will have a direct impact on the efficiency of the capital market. The analysts＇ forecasts, ratings and the related prediction processes are emerging in an endless, and it aims to try to find more forecast precision influence factor,then provides the investor＇s investment decision more reference. To some extent,It solves the information asymmetry between companies and investors, But the new role exploration of analysts and the analyst follow-up network are rare, which is of great significance for further understanding of the new role of capital market analysts. The paper first explores the relationship between corporate financing decisions under the analysts follow-up network （ common analysts numbers） , and finds the existence of the related homologous effect, It reveals the role of the analyst in the information transfer between the companies＇ financing decisions and the homologous phenomenon source of the analysts. The empirical results show that： （ 1 ） After removing other factors related to the source of financing group behavior, There are the homologous phenomenon between the companies＇ financing decisions under the analysts follow-up network, which shows the information transfer function of the analysts between the companies＇ financing decisions and the homologous phenomenon which caused by the analysts follow-up network; （2）This kind of homologous phenomenon financing decision comes from the homologous companies in different industries under analysts follow-up network, in other words, there are more common analysts following and more homologous companies in different industries adopting the financing decision, especially the borrowing from banks and equity financing, the company tend to adopt the similar financing decision, the homologous phenomenon is statistically significant, Which shows the usefulness of analysts＇ related information in the different industry companies transfering between the companies＇ financing decisions; （3） the analysts＇ follow-up network＇s financing decision and homologous behavior is a following learning mechanism and it has certain directionality. This phenomenon is reflected that under the common analysts＇ follow-up network the non-leader group of companies make the financing decisions are usually following the leading companies＇ strategies. Accordingly, Some Suggestions are proposed to provide some empirical evidence and information for the development of the analysts industry, the financing decision of the companies and the supervision of capital market subject behavior.